Worldwide Low Code Development Platform Industry to 2026 - North America is Expected to hold the Largest Market Share - ResearchAndMarkets.com

The "Low Code Development Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The low code development platform market is expected to grow at a CAGR of 27.9% over the forecast period (2021 - 2026).

Companies Mentioned

• Salesforce.com Inc.
• Microsoft Corporation
• Appian Corporation
• Oracle Corporation
• Pegasystems Inc.
• Magic Software Enterprises Ltd
• AgilePoint Inc.
• Outsystems Inc.
• Mendix Inc.
• ZOHO Corporation

Key Market Trends

Information Technology Segment to Witness Significant Growth

• Over the past few years, enterprises operating in the IT sector have been showing greater interest in the LCDPs, owing to significant payoffs it offers for their own developers and for the customers relying on their software applications. A recent survey conducted by Salesforce.com indicated that over 76% of IT enterprises adopted the low-code development platform in 2019, significant growth in comparison to about 51% two years before.
• Moreover, SMEs operating in the sector are expected to drive the growth in the market, primarily attributing to the increasing affordability of cloud-based solutions. Also, SMEs in the space are looking to save on operational expenses, as even unskilled professionals may be able to create applications cost-effectively with low-code development platforms.
• Further, amid the pandemic crisis, with the rising request for packaged software and apps from the enterprises to engage with their customers and clients over the Internet, the sector is witnessing huge backlogs. In such regard, IT enterprises are obligated to deploy these platforms to ensure competitive advantage and optimized resource utilization.
• According to Appian Corporation, the percentage of enterprises with appropriate IT governance processes for non-developers to create applications is less than 24% of the total IT organizations. The company also asserted that only one-third of the IT organizations have proper training programs in place, to empower non-developers to use low-code development techniques. Statistics such as these highlight significant growth opportunities for the market.

North America is Expected to hold the Largest Market Share

• North America is expected to hold the largest market share as it has the presence of prominent as well as dominant players in the market, offering low-code development platforms. Some of these players are Salesforce, Mendix, Nintex, OutSystems, Quick Base, and Microsoft. Out of these, Microsoft and Salesforce have close competition.
• In July 2020, Microsoft touted the development of Microsoft Dataflex, a low-code data platform capable of delivering native integration between Teams and Microsoft Power Platform tools. This integration of Teams and Power Platform, enabled by Dataflex, is expected to arrive in a preview by the end of August 2020.
• In June 2020, Exadel, a global provider of digital platform engineering solutions and services, announced the offering of new subscription plans (Beginner and Ultimate) to its low-code development platform named Appery.io, aimed at broadening the range of users and accessibility of the platform. Such new offerings and features from the players are further driving the growth of the market.
• Additionally, the region has a greater opportunity for the studied market. According to the US Bureau of Labor, the IT sector in the country has limited bandwidth and has an ever-growing backlog of requests. There are over 200 thousand software development job openings in the country and only 30,000 computer science majors graduating annually. This is estimated to create more demand for low-code development platforms, as it enables the creation of applications by non-developers.
• The BFSI companies in the region are also actively adopting low-code development platforms. US-based Newgen Software has mentioned of helping several leading financial institutions in the United States to quickly process and disburse loans to their customers with its low-code development platform, under the SBA Paycheck Protection Program (PPP).

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness - Porter's Five Forces Analysis

4.3 Assessment of the Impact of COVID -19 on the Industry

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Increasing Need for Rapid Customization and Scalability

5.1.2 Increasing Enterprise Mobility

5.1.3 Elimination of Gaps in the Required IT Skills

5.2 Market Challenges

5.2.1 Dependency on Vendor Supplied Customization

6 EMERGING TECHNOLOGY TRENDS

7 MARKET SEGMENTATION

7.1 By Application Type

7.2 By Deployment Type

7.3 By Organization Size

7.4 By End-user Vertical

7.5 Geography

8 COMPETITIVE INTELLIGENCE

8.1 Company Profiles

8.1.1 Salesforce.com Inc.

8.1.2 Microsoft Corporation

8.1.3 Appian Corporation

8.1.4 Oracle Corporation

8.1.5 Pegasystems Inc.

8.1.6 Magic Software Enterprises Ltd

8.1.7 AgilePoint Inc.

8.1.8 Outsystems Inc.

8.1.9 Mendix Inc.

8.1.10 ZOHO Corporation

8.1.11 QuickBase Inc.

8.1.12 Clear Software LLC

8.1.13 Kony Inc. 8.14 ServiceNow Inc.

8.1.14 Skuid Inc.

9 VENDOR MARKET POSITIONING ANALYSIS

10 INVESTMENT ANALYSIS

11 MARKET OPPORTUNITIES AND FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/xf32th

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